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Discount department stores and mini-majors were the weakest performers, with comparable MAT down 2.9 per cent and 1.5 per cent respectively.

“The ongoing improvement in economic, employment and wages growth, however, is expected to support improved sales growth in 2011," the group said.

GPT’s office business has had five consecutive quarters of positive net absorption, Mr Cameron said.

“With that backdrop we continue to have a major focus on getting leasing completed for 111 Eagle Street [in Brisbane]. Whilst there has been strong interest we continue to work on that . . . and we are confident we’ll achieve the targets we’ve communicated."

GPT’s office portfolio occupancy increased from 95.7 per cent in June to 96.3 per cent in September, having leased 45,091 square metres of space.

The group’s market update said 2010 is “expected to be the base from which vacancy levels reduce, yield firm and rents rise, paving the way for rental and capital growth in 2011."

Meanwhile, the group’s industrial property arm leased over 9000 square metres to Acer Computers at Sydney Olympic Park over the September quarter.

“2010 is broadly expected to be the low point in the supply cycle. Low supply levels are expected to support market rental growth," the group said.

GPT also reiterated its intention to reduce its stake in its two wholesale funds, GPT Wholesale Office Fund (GWOF) and GPT Wholesale Shopping Centre Fund (GWSCF), from one-third to 20 per cent over time.

“This will enhance the return on equity invested in this platform, in line with the group’s objectives of working investor’s capital harder," the update said.